WHAT IS CYBER LIABILITY INSURANCE?
Cyber Liability Insurance is...
• A very complex, high-risk type of liability insurance.
• Designed to protect against the breach of Personal Identifiable Information and Protected Health Information.
• Also protects against as other Cyber threats, such as Social Engineering and Ransomware.
• These breaches can be committed by employee error, a rogue employee or an outside hacker.
WHAT IS COVERED BY CYBER LIABILITY INSURANCE?
Cyber Liability Insurance is composed of two different coverages:
• First Party Coverage
First Party Coverage is related to the immediate impacts of a breach on the Insured. This includes the cost of IT Forensics, Notifications, Credit Protection, Crisis Management, as well as Ransomware, Digital Asset Damage, and Business Interruption.
• Third Party Coverage
Third Party Coverage is related to lawsuits and regulatory ramifications, such as breach of contract, negligence, and PCI fines and penalties.
DO I NEED CYBER LIABILITY INSURANCE?
Any company using technology to conduct business needs Cyber Liability Insurance. Whether you are storing employee records, processing credit cards, or keeping a database of clients, Cyber Liability Insurance will help to protect you in the event of a breach. Cyber Liability Insurance even applies to paper files, in addition to what is stored digitally. In the event of a Ransomware of Social Engineering claim, Cyber Liability policies will provide you with top vendors, and will get you back up and running as soon as possible. This is crucial in getting your business back on its feet.
POPULAR INDUSTRY CLASSES
Every business needs Cyber Liability Insurance. The following industries are especially vulnerable to cyber attacks: Healthcare, Manufacturing, Retail, Hospitality, Professional Services.